COVID-19 pandemic has still been increasing with lighting speed; it has never eased and still has a signal to make a huge outbreak anytime. The world has faced with the highest unemployment ever and people have lived in the fear, confusion and worry. It is never too late for you to save money, start the spending plan and form a better money habits to help you get over these difficult situations.
Let’s get started on some basic methods that gonna help you to form great money habits, own your life and be a good hand of your family.
Keep your budget as simple as you can
Whether it is your personal or family finance, let’s make all things as simple as you can. It is not necessary to download too many apps, tracking tools or sample sheets to help you calculate and keep track your plan correctly. Choose a reasonable type of app that truly fits your demand and budget plan. Take the simplest approach and sticking to a budget might be much easier. Remember, you don’t have to track every single cent to maintain good money habits. It does not worth your time!
Cook at home more frequently
We are not children, so you can easily understand that hanging out for food always costs your money even twice or higher. Cooking at home not only saves you money, it’s also healthier for you. You know what ingredients are greater for your body, you can eliminate as much as you can. It does not take your shipping fee, labor cost and any other additional expenses.
There are lots of ways to help you maintain this effective good habit. Going to the supermarket to buy food weekly and planning your meal in advance. Getting a competition with your friends and showing up every single meal. Showing your friends how cost you can save every week and you will see the amazing magic.
Put your money on automatic
It will definitely take a ton of time if you have to keep track your cost every single day. Let’s set up your automatic payments and savings, you’ve got time and energy to focus on the other money habits. There are lots of apps or tracking tools that gonna assist you incredibly. Using automatic bill payment, investment contributions and other types of savings plans. Don’t forget to check in regularly to make sure everything’s going as planned and don’t miss any times.
Give up the frugal habits that aren’t worth to save cost
Saving cost is important to help you form money habits, however, saving cost in the reasonable way without forming frugal habits that aren’t worth your effort. Some frugal tactics aren’t actually worthwhile, such as you walk to the office to save some money but wasting your valuable time to focus on making profit. Let’s calculate opportunity cost carefully and do the right thing you need to do.
Pay Down Debt with Bonus Money and more than a minimum payment
When people are offered some bonuses by their great effort at work, they tend doing some luxury things to reward their effort. It’s certainly right. But does it really make sense if you own a big debt? Please pay down your debt with that bonus money, even you can pay more than a minimum payment.
Consider these financial amounts are always for debt repayments and you’ll see your debt disappear much more quickly than if you just made your standard payments. Don’t regret what you are doing to make your debt get away as soon as possible. Think out of the box of what you can gonna receive in the near future.
Always invest in yourself to create incredible values
For every purchase or something that you start proceeding, consider if it gonna fits with your personal values and your goals; otherwise, you might be either spending too much or simply on the wrong things. You are in the journey of paying off your debt. Your pocket is not available.
However, it does not mean that you can never invest in yourself, your learning or something that helps you make profit. Pay-off your debt does not mean stopping learning and putting your brain in earning money only. Learning in the effective way, making profit consistently and following the great money habit that help you grow and live better.